11:43 am, July 9, 2024
Car dealer Peter Vardy has been named on a list of new investors into AI video firm, Phyron.
Vardy, who opened our Car Dealer Live conference earlier this year, has given financial backing to the Swedish firm as part of a ‘Series B’ funding arrangement with new and existing investors.
The programme has seen the tech outfit raise an eye-watering €10m as it looks to expand into new markets, including the US.
Despite having its eyes on all corners of the world, bosses at Phyron say that Vardy’s investment demonstrates a ‘strategic focus on the UK car market’.
Last month, the company set up an office in Brighton, in addition to its Stockholm HQ, having grown its annual revenue by more than 70%.
Phyron’s AI-based software enables automated generation of product videos, to deliver faster sales and reduced costs of content creation. It currently has around 3,000 dealer partners across 30 countries.
Using Artificial Intelligence, the software identifies the best and most relevant selling points of each individual car and combines still images from a data feed, facts and figures about the car, brand imagery and retailer services into relevant, highly-effective videos.
Also putting money into the company is investment group Round2 Capital, which was already backing Phyron.
Johan Sundstrand, co-founder & CEO of Phyron, says he is now excited to be working with his fresh backers.
He said: ‘We want AI and automation to be the go-to marketing tool for automotive retail.
‘This new funding means that we can invest more in our technology and grow our team in core areas, with a view to improving the AI experience for everyone.
‘We are very excited to continue our relationship with Round2 and to be working with Peter Vardy, who, in addition to decades of automotive retail experience in the UK, has a keen passion for emerging technology.’
Jan Hillered, co-founder and managing partner of Round2 Capital, addedL ‘Since we met the Phyron team and decided to make our first investment, the company’s development has been very positive.
‘We value the relationship we have built and look forward to supporting the next phase of the company’s growth.
‘We believe that Phyron is planning the right next steps to take advantage of opportunities in a dynamic market environment.’
Car Dealer has contacted Peter Vardy for comment.
